ACCELERATE PROPERTY FUND LIMITED - APFE - Notification of a change to Accelerates credit ratings

APFE - Notification of a change to Accelerate’s credit ratings

Accelerate Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2005/015057/06)
Company code: APFE
LEI Number: 3789008641F1D3D90E85
(Approved as a REIT by the JSE)
(“Accelerate” or the “Issuer”)


NOTIFICATION OF A CHANGE TO ACCELERATE’S CREDIT RATINGS

Noteholders are advised that GCR Ratings (“GCR”) has changed Accelerate’s national scale long-term
and short-term issuer ratings to BB+(ZA) and B(ZA) from BBB-(ZA) and A3(ZA), respectively, with the
outlook on all ratings revised to Evolving. The evolving outlook was assigned as the credit rating could
over time significantly benefit from the successful conclusion of current re-capitalisation efforts
underway by Accelerate. Concurrently, the Senior Secured Notes long-term issue credit ratings have
been changed to BBB(ZA)(EL), from BBB+(ZA)(EL) with effect from 8 September 2023.


Fourways
15 September 2023

Debt Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)

Date: 15-09-2023 10:30:00
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